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Trip.com Group Reports Unaudited Second Quarter of 2020 Financial Results

September 25, 2020 TechENT Syndication Leave a comment

Shanghai, Sept. 25, 2020 — Trip.com Group Limited (Nasdaq: TCOM) ("Trip.com Group" or the "Company"), a leading provider of online travel and related services, including accommodation reservation, transportation ticketing, packaged-tour and in-destination services, corporate travel management, and other travel-related services, today announced its unaudited financial results for the second quarter ended June 30, 2020.

Key Highlights

Our business has continued to show strong momentum of recovery in the China domestic market.
— Reservations for China domestic hotels achieved positive growth, with high-end domestic hotels leading the way over the past month.
— China domestic flight reservations achieved positive growth over the past months.
The Company’s results for the second quarter of 2020 were significantly and negatively impacted due to the ongoing COVID-19 pandemic.
— Net revenue for the second quarter of 2020 was RMB3.2 billion (US$448 million), representing a 64% decrease from the same period in 2019. The performance reflects a strong recovery of our China domestic businesses, offset by a steep decline of our international businesses.
— Operating loss for the second quarter of 2020 was RMB688 million (US$97 million). Excluding share-based compensation charges, non-GAAP loss from operations was RMB200 million (US$27 million).

"In the second quarter of 2020, the global travel industry continued to experience significant impact as a result of the ongoing COVID-19 pandemic. On a promising note, we have seen all of our domestic business lines recover to varying degrees during the quarter," said James Liang, Executive Chairman. "As global efforts intensify in this fight against COVID-19, we are increasingly optimistic that there will be more resumption of travel activity in major markets worldwide."

"Although the second quarter witnessed a full quarter impact of COVID-19 across business lines, our Company quickly adjusted operational priorities to suit the changing macro environment through minimizing operating expenses while meaningfully outpacing the industry in recovery," said Jane Sun, Chief Executive Officer. "We are glad to see that reservations for China domestic flights and hotels have reached a level of full recovery in succession during August, and we strive to make further progress as the travel industry continues to pick up more momentum."

Second quarter of 2020 Financial Results and Business Updates

The Company’s results for the second quarter of 2020 were negatively impacted by the COVID-19 pandemic. The pandemic continued to cause a decline in travel demands even though the travel restrictions have been lifted in some countries as the spread of the coronavirus has been contained to various degrees. Consumers are becoming more comfortable with traveling especially to domestic locations. This has led to more travel bookings compared to February and March 2020. Yet, travel demands remained significantly lower than the previous year especially for the China outbound and overseas markets.

For the second quarter of 2020, Trip.com Group reported net revenue of RMB3.2 billion (US$448 million), representing a 64% decrease from the same period in 2019. Net revenue for the second quarter of 2020 decreased by 33% from the previous quarter.

Accommodation reservation revenue for the second quarter of 2020 was RMB1.3 billion (US$178 million), representing a 63% decrease from the same period in 2019, and a 9% increase from the previous quarter, primarily due to the recovery of China domestic market.

Transportation ticketing revenue for the second quarter of 2020 was RMB1.2 billion (US$163 million), representing a 66% decrease from the same period in 2019, and a 52% decrease from the previous quarter.

Packaged-tour revenue for the second quarter of 2020 was RMB130 million (US$18 million), representing an 88% decrease from the same period in 2019, and a 75% decrease from the previous quarter.

Corporate travel revenue for the second quarter of 2020 was RMB162 million (US$23 million), representing a 47% decrease from the same period in 2019, and a 29% increase from the previous quarter, primarily due to the recovery of China domestic market.

Gross margin was 72% for the second quarter of 2020, which decreased from 79% for the same period in 2019 and 74% for the previous quarter.

Product development expenses for the second quarter of 2020 decreased by 32% to RMB1.8 billion (US$255 million) from the same period in 2019, primarily due to a decrease in expenses related to product development personnel. Product development expenses for the second quarter of 2020 increased by 6% from the previous quarter, primarily due to an increase in expenses related to product development personnel. Product development expenses for the second quarter of 2020 accounted for 57% of the net revenue for the same period. Excluding share-based compensation charges, non-GAAP product development expenses for the second quarter of 2020 accounted for 49% of the net revenue for the same period, which increased from 28% in the same period in 2019 and 32% in the previous quarter.

Sales and marketing expenses for the second quarter of 2020 decreased by 69% to RMB661 million (US$94 million) from the same period in 2019 and decreased by 52% from the previous quarter, primarily due to a decrease in expenses relating to sales and marketing activities. Sales and marketing expenses for the second quarter of 2020 accounted for 21% of the net revenue for the same period. Excluding share-based compensation charges, non-GAAP sales and marketing expenses for the second quarter of 2020 accounted for 20% of the net revenue for the same period, which decreased from 24% in the same period in 2019 and 29% in the previous quarter.

General and administrative expenses for the second quarter of 2020 decreased by 37% to RMB513 million (US$73 million) from the same period in 2019, primarily due to a decrease in personnel expenses, and decreased by 74% from the previous quarter because we accrued RMB1.2 billion bad debt provision in the first quarter of 2020. General and administrative expenses for the second quarter of 2020 accounted for 16% of the net revenue for the same period. Excluding share-based compensation charges, non-GAAP general and administrative expenses accounted for 10% of the net revenue for the same period, which increased from 8% in same period in 2019 and decreased from 38% in the previous quarter.

Loss from operations for the second quarter of 2020 was RMB688 million (US$97 million), compared to income of RMB1.3 billion in the same period in 2019 and loss of RMB1.5 billion in the previous quarter. Excluding share-based compensation charges, non-GAAP loss from operations was RMB200 million (US$27 million), compared to income of RMB1.7 billion in the same period in 2019 and loss of RMB1.2 billion in the previous quarter.

Operating margin was -22% for the second quarter of 2020, compared to 15% in the same period in 2019, and -32% in the previous quarter. Excluding share-based compensation charges, non-GAAP operating margin was -6%, compared to 20% in the same period in 2019 and -25% in the previous quarter.

Income tax expense for the second quarter of 2020 was RMB201 million (US$29 million), compared to expense of RMB336 million in the same period of 2019 and benefit of RMB254 million in the previous quarter. The change in our effective tax rate was primarily due to the non-taxable income of the fair value changes in equity securities investments.

Net loss attributable to Trip.com Group’s shareholders for the second quarter of 2020 was RMB476 million (US$67 million), compared to net loss attributable to Trip.com Group’s shareholders of RMB403 million in the same period in 2019 and RMB5.4 billion in the previous quarter, primarily due to the operating loss associated with impact of COVID-19, the fair value changes in equity securities investments, impairments of long-term investments, gains from other investing activities and equity in loss of our affiliates. Excluding share-based compensation charges and fair value changes of equity securities investments, non-GAAP net loss attributable to Trip.com Group’s shareholders was RMB1.2 billion (US$162 million), compared to net income of RMB1.3 billion in the same period in 2019 and net loss of RMB2.2 billion in the previous quarter.

Diluted losses per ADS were RMB0.80 (US$0.11) for the second quarter of 2020. Excluding share-based compensation charges and fair value changes of equity securities investments, non-GAAP diluted losses per ADS were RMB1.93 (US$0.27) for the second quarter of 2020.

As of June 30, 2020, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB64.3 billion (US$9.1 billion).

Subsequent Events

In July, 2020, the Company has completed the put right offer relating to its 1.99% Convertible Senior Notes due 2025 (the "2025 Notes"). The aggregate purchase price of the 2025 Notes was US$395,240,000. Following the settlement of repurchase of 2025 Notes, the total number of ordinary shares of the Company on a fully diluted basis was reduced by 0.9 million shares.

In July, 2020, the Company’s 1.00% Convertible Senior Notes due 2020 (the "2020 Notes") with a principle amount of US$700 million matured and were repaid in cash. Following the settlement of the repayment of 2020 Notes, the total number of ordinary shares of the Company on a fully diluted basis was reduced by 1.6 million shares.

In July, 2020, the Company issued US$500 million in aggregate principal amount of its 1.50% Exchangeable Senior Notes due 2027 (the "2027 Notes"). The 2027 Notes will be exchangeable, at the option of the holders and subject to certain conditions, into cash, American depositary shares ("Huazhu ADSs") of Huazhu Group Limited (Nasdaq: HTHT) ("Huazhu"), each representing one ordinary share of Huazhu, par value $0.0001 per share, or a combination of cash and Huazhu ADSs, at the Company’s election subject to certain conditions.

Business Outlook

As a result of the continued negative impact due to COVID-19 in the third quarter of 2020, the Company expects net revenue to decrease by approximately 47%-52% year-over-year for the third quarter of 2020. This forecast reflects the current and preliminary view based on best information available at the time, which is subject to change.

Conference Call

Trip.com Group’s management team will host a conference call at 8:00PM U.S. Eastern Time on September 24, 2020 (or 8:00AM on September 25, 2020 in the Shanghai/Hong Kong Time) following the announcement.

The conference call will be available on Webcast live and replay at: https://investors.trip.com. The call will be archived for twelve months at this website.

All participants must pre-register to join this conference call using the Participant Registration link below:
https://s1.c-conf.com/DiamondPass/10009786-invite.html

Upon registration, each participant will receive details for this conference call, including dial-in numbers, passcode and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.

A telephone replay of the call will be available after the conclusion of the conference call until October 2, 2020.

The dial-in details for the replay:

International dial-in number:	+61-7-3107-6325
Passcode:	10009786

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident" or other similar statements. Among other things, quotations from management and the Business Outlook section in this press release, as well as Trip.com Group’s strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the potential impact of the COVID-19 to Trip.com Group’s business operations, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group’s ADSs, Trip.com Group’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group’s existing or future business lines, damage to or failure of Trip.com Group’s infrastructure and technology, loss of services of Trip.com Group’s key executives, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of Trip.com Group’s affiliated Chinese entities and the contractual arrangements among Trip.com Group, its affiliated Chinese entities and their shareholders, and other risks outlined in Trip.com Group’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Trip.com Group’s unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Trip.com Group uses Non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, net income attributable to Trip.com Group’s shareholders, and diluted earnings per ordinary share and per ADS, each of which (except for net commission earned) is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, "Compensation-Stock Compensation" and its share-based compensation charges are not tax deductible, and fair value changes of equity securities investments, net of tax, recorded under ASU 2016-1. Trip.com Group’s management believes the Non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP and may be different from Non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using Non-GAAP financial measures is that Non-GAAP measures exclude share-based compensation charges and fair value changes of equity securities investments that have been and will continue to be significant recurring expenses in Trip.com Group’s business for the foreseeable future.

Reconciliations of Trip.com Group’s Non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM) is a leading one-stop travel service provider consisting of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group enables local partners and travelers around the world to make informed and cost-effective bookings for travel products and services, through aggregation of comprehensive travel-related information and resources, and an advanced transaction platform consisting of mobile apps, Internet websites, and 24/7 customer service centers. Founded in 1999 and listed on Nasdaq in 2003, Trip.com Group has become one of the largest travel companies in the world in terms of gross merchandise value.

Trip.com Group Limited
Unaudited Consolidated Balance Sheets
(In millions, except share and per share data)

	December 31, 2019	June 30, 2020	June 30, 2020
	RMB (million)	RMB (million)	USD (million)


	*(unaudited)*	*(unaudited)*	*(unaudited)*

ASSETS
Current assets:
Cash, cash equivalents and restricted cash	21,747	18,896	2,674
Short-term investments	23,058	23,886	3,381
Accounts receivable, net	7,661	5,129	726
Prepayments and other current assets	15,489	15,583	2,205

Total current assets	67,955	63,494	8,986

Property, equipment and software	6,135	5,985	847
Intangible assets and land use rights	13,264	13,324	1,886
Right-of-use asset	1,207	795	113
Investments (Includes held to maturity time deposit and financial products of RMB15,056 million and RMB21,538 million as of December 31,2019 and June 30, 2020, respectively)	51,278	53,659	7,595
Goodwill	58,308	59,327	8,397
Other long-term assets	1,046	551	79
Deferred tax asset	976	1,360	193

Total assets	200,169	198,495	28,096

LIABILITIES
Current liabilities:
Short-term debt and current portion of long-term debt	30,516	42,097	5,958
Accounts payable	12,294	4,478	634
Advances from customers	11,675	8,013	1,134
Other current liabilities	14,697	11,969	1,695
Total current liabilities	69,182	66,557	9,421

Deferred tax liability	3,592	3,567	505
Long-term debt	19,537	28,067	3,973
Long-term lease liability	749	536	76
Other long-term liabilities	264	206	29

Total liabilities	93,324	98,933	14,004

MEZZANINE EQUITY
Redeemable non-controlling interests	1,142	–	–

SHAREHOLDERS’ EQUITY

Total Trip.com Group Limited shareholders’ equity	103,442	97,529	13,804

Non-controlling interests	2,261	2,033	288

Total shareholders’ equity	105,703	99,562	14,092

Total liabilities, mezzanine equity and shareholders’ equity	200,169	198,495	28,096

Trip.com Group Limited
Unaudited Consolidated Statements of Comprehensive Income
(In millions, except share and per share data)

	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended
	June 30, 2019	March 31, 2020	June 30, 2020	June 30, 2020
	RMB (million)	RMB (million)	RMB (million)	USD (million)


	*(unaudited)*	*(unaudited)*	*(unaudited)*	*(unaudited)*

Revenue:
Accommodation reservation	3,410	1,155	1,254	178
Transportation ticketing	3,407	2,393	1,150	163
Packaged-tour	1,051	523	130	18
Corporate travel	309	126	162	23
Others	524	538	466	66

Total revenue	8,701	4,735	3,162	448

Less: Sales tax and surcharges	(10)	(4)	(3)	0

Net revenue	8,691	4,731	3,159	448

Cost of revenue	(1,798)	(1,220)	(872)	(123)

Gross profit	6,893	3,511	2,287	325

Operating expenses:
Product development **	(2,642)	(1,696)	(1,801)	(255)
Sales and marketing **	(2,108)	(1,382)	(661)	(94)
General and administrative **	(810)	(1,942)	(513)	(73)

Total operating expenses	(5,560)	(5,020)	(2,975)	(422)

Income/(loss) from operations	1,333	(1,509)	(688)	(97)

Interest income	562	513	603	85
Interest expense	(426)	(448)	(461)	(65)
Other (expense)/income *	(1,412)	(3,827)	1,766	250

Income/(loss) before income tax expense and equity in income of affiliates	57	(5,271)	1,220	173

Income tax (expense)/benefit *	(336)	254	(201)	(29)
Equity in loss of affiliates	(123)	(321)	(1,491)	(211)

Net loss	(402)	(5,338)	(472)	(67)

Net loss attributable to non-controlling interests	7	9	12	2
Accretion to redemption value of redeemable non- controlling interests	(8)	(24)	(16)	(2)

Net loss attributable to Trip.com Group Limited	(403)	(5,353)	(476)	(67)

Comprehensive loss attributable to Trip.com Group Limited	(308)	(5,924)	(515)	(73)

Losses per ordinary share
– Basic	(5.81)	(71.86)	(6.36)	(0.90)
– Diluted	(5.81)	(71.86)	(6.36)	(0.90)

Losses per ADS
– Basic	(0.73)	(8.98)	(0.80)	(0.11)
– Diluted	(0.73)	(8.98)	(0.80)	(0.11)

Weighted average ordinary shares outstanding
– Basic	69,484,264	74,494,148	74,968,727	74,968,727
– Diluted	69,484,264	74,494,148	74,968,727	74,968,727
– Diluted-non GAAP	77,807,991	74,494,148	74,968,727	74,968,727

** Share-based compensation included in Operating expenses above is as follows:
Product development	215	180	252	36
Sales and marketing	34	30	41	6
General and administrative	144	133	195	28

* Fair value changes of equity securities investments included in Net loss is as follow:
Fair value loss/(income) of equity securities investments, net of tax	1,339	2,790	(1,167)	(165)

Trip.com Group Limited
Reconciliation of GAAP and Non-GAAP Results
(In millions, except % and per share data)

	Quarter Ended June 30, 2020
	GAAP Result	% of Net Revenue	Non-GAAP Adjustment	% of Net Revenue	Non-GAAP Result	% of Net Revenue

Share-based compensation included in Operating expense is as follows:
Product development	(1,801)	-57%	252	8%	(1,549)	-49%
Sales and marketing	(661)	-21%	41	1%	(620)	-20%
General and administrative	(513)	-16%	195	6%	(318)	-10%
Total operating expenses	(2,975)	-94%	488	15%	(2,487)	-79%

(Loss)/income from operations	(688)	-22%	488	15%	(200)	-6%

Fair value changes of equity securities investments, net of tax expense of RMB27 million	1,167	37%	(1,167)	-37%	–	0%

Net loss attributable to Trip.com Group’s shareholders	(476)	-15%	(679)	-21%	(1,155)	-37%

Diluted losses per ordinary share (RMB)	(6.36)		(9.06)		(15.42)

Diluted losses per ADS (RMB)	(0.80)		(1.13)		(1.93)

Diluted losses per ADS (USD)	(0.11)		(0.16)		(0.27)


	Quarter Ended March 31, 2020
	GAAP Result	% of Net Revenue	Non-GAAP Adjustment	% of Net Revenue	Non-GAAP Result	% of Net Revenue

Share-based compensation included in Operating expense is as follows:
Product development	(1,696)	-36%	180	4%	(1,516)	-32%
Sales and marketing	(1,382)	-29%	30	1%	(1,352)	-29%
General and administrative	(1,942)	-41%	133	3%	(1,809)	-38%
Total operating expenses	(5,020)	-106%	343	7%	(4,677)	-99%

(Loss)/income from operations	(1,509)	-32%	343	7%	(1,166)	-25%

Fair value changes of equity securities investments, net of tax benefit of RMB209 million	(2,790)	-59%	2,790	59%	–	0%

Net (loss)/income attributable to Trip.com Group’s shareholders	(5,353)	-113%	3,133	66%	(2,220)	-47%

Diluted (losses)/earnings per ordinary share (RMB)	(71.86)		42.05		(29.81)

Diluted (losses)/earnings per ADS (RMB)	(8.98)		5.25		(3.73)

Diluted (losses)/earnings per ADS (USD)	(1.27)		0.74		(0.53)


	Quarter Ended June 30, 2019
	GAAP Result	% of Net Revenue	Non-GAAP Adjustment	% of Net Revenue	Non-GAAP Result	% of Net Revenue

Share-based compensation included in Operating expense is as follows:
Product development	(2,642)	-30%	215	2%	(2,427)	-28%
Sales and marketing	(2,108)	-24%	34	0%	(2,074)	-24%
General and administrative	(810)	-9%	144	2%	(666)	-8%
Total operating expenses	(5,560)	-64%	393	5%	(5,167)	-59%

Income from operations	1,333	15%	393	5%	1,726	20%

Fair value changes of equity securities investments, net of tax benefit of RMB48 million	(1,339)	-15%	1,339	15%	–	0%

Net (loss)/income attributable to Trip.com Group’s shareholders	(403)	-5%	1,732	20%	1,329	15%

Diluted (losses)/earnings per ordinary share (RMB)	(5.81)		23.81		18.00

Diluted (losses)/earnings per ADS (RMB)	(0.73)		2.98		2.25

Diluted (losses)/earnings per ADS (USD)	(0.11)		0.44		0.33


Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.0651 on June 30, 2020 published by the Federal Reserve Board.

Related Links :

https://www.ctrip.com/

PR Newswire

51job, Inc. Announces Formation of Special Committee to Evaluate and Consider Non-Binding Proposal or Any Alternative Strategic Option

September 21, 2020 TechENT Syndication Leave a comment

SHANGHAI, Sept. 21, 2020 — 51job, Inc. (Nasdaq: JOBS) ("51job" or the "Company"), a leading provider of integrated human resource services in China, announced today that its Board of Directors (the "Board") has formed a special committee (the "Special Committee") consisting of two independent directors, Mr. Li-Lan Cheng and Mr. Eric He, to evaluate and consider the previously announced preliminary non-binding acquisition proposal letter dated September 17, 2020 (the "Proposal") as well as other potential strategic alternatives that the Company may pursue. The Special Committee intends to retain advisors, including an independent financial advisor and independent legal counsel, to assist it in its evaluation.

The Board cautions the Company’s shareholders and others considering trading the Company’s securities that no decisions have been made with respect to the Proposal or any alternative strategic option that the Company may pursue. There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the transaction contemplated by the Proposal or that any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law.

About 51job

Founded in 1998, 51job is a leading provider of integrated human resource services in China. With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development. The Company’s main online recruitment platforms (http://www.51job.com, http://www.yingjiesheng.com, http://www.51jingying.com, http://www.lagou.com, and http://www.51mdd.com), as well as mobile applications, connect millions of people with employment opportunities every day. 51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, campus recruitment, executive search and compensation analysis. 51job has a call center in Wuhan and a nationwide network of sales and service locations spanning more than 30 cities across China.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "targets, "confident" and similar statements. Among other things, statements that are not historical facts, including statements about 51job’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as 51job’s strategic and operational plans, are or contain forward-looking statements. 51job may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. All forward-looking statements are based upon management’s expectations at the time of the statements and involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: execution of 51job’s strategies and business plans; growth and trends of the human resource services industry in China; market acceptance of 51job’s products and services; competition in the industry; 51job’s ability to control costs and expenses; 51job’s ability to retain key personnel and attract new talent; relevant government policies and regulations relating to 51job’s industry, corporate structure and business operations; seasonality in the business; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; risks related to acquisitions or investments 51job has made or will make in the future; accounting adjustments that may occur during the quarterly or annual close or auditing process; and fluctuations in general economic and business conditions in China and globally, including the impact of the coronavirus or other pandemic. Further information regarding these and other risks are included in 51job’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release and based on assumptions that 51job believes to be reasonable as of this date, and 51job undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Contact

Investor Relations, 51job, Inc.
Tel: +86-21-6879-6250
Email: ir@51job.com

Related Links :

http://www.51job.com

PR Newswire

Bitauto Holdings Limited to Hold Extraordinary General Meeting of Shareholders

September 19, 2020 TechENT Syndication Leave a comment

BEIJING, Sept. 19, 2020 — Bitauto Holdings Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading provider of internet content & marketing services, and transaction services for China’s automotive industry, today announced it has called an extraordinary general meeting of shareholders (the "EGM"), to be held on October 23, 2020 at 10:00 a.m. (China Standard Time), at JingAn Kerry Centre, Tower II, 46th Floor, 1539 Nanjing West Road, Shanghai 200040, China, to consider and vote on, among other things, the proposal to authorize and approve the previously announced agreement and plan of merger (the "Merger Agreement") , dated June 12, 2020, among the Company, Yiche Holding Limited ("Parent"), and Yiche Mergersub Limited, a wholly owned Subsidiary of Parent ("Merger Sub"), the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands (the "Plan of Merger") and the transactions contemplated thereby, including the merger.

According to the Merger Agreement and the Plan of Merger, at the effective time of the merger, Merger Sub will merge with and into the Company and cease to exist, with the Company being the surviving company and becoming a wholly owned subsidiary of Parent. If consummated, the merger would result in the Company becoming a privately held company, and its American depositary shares (each representing one Class A ordinary share, par value US$0.00004 per share) (the "ADSs") would no longer be listed or traded on the New York Stock Exchange or any other stock exchange, and the Company’s ADS program would be terminated. In addition, the Company’s ADSs and Class A ordinary shares represented by the ADSs would cease to be registered under Section 12 of the Securities Exchange Act of 1934 following the consummation of the merger.

The Company’s board of directors (the "Board"), acting upon the unanimous recommendation of a committee of independent directors established by the Board, authorized and approved the execution, delivery and performance of the Merger Agreement, the Plan of Merger and the consummation of the transactions contemplated thereby, including the merger, and recommends that the Company’s shareholders and ADS holders vote FOR, among other things, the proposal to authorize and approve the execution, delivery and performance of the Merger Agreement, the Plan of Merger and the consummation of the transactions contemplated thereby, including the merger.

Shareholders of record at the close of business in the Cayman Islands on October 9, 2020 will be entitled to attend and vote at the EGM and any adjournment thereof. ADS holders as of the close of business in New York City on September 21, 2020 will be entitled to instruct Citibank, N.A., the ADS depositary, to vote the Class A ordinary shares represented by the ADSs at the EGM.

Additional information regarding the EGM and the Merger Agreement can be found in the transaction statement on Schedule 13E-3 and the definitive proxy statement attached as Exhibit (a)-(1) thereto, as amended, filed with the U.S. Securities and Exchange Commission (the "SEC"), which can be obtained, along with other filings containing information about the Company, the proposed merger and related matters, without charge, from the SEC’s website www.sec.gov. Requests for additional copies of the definitive proxy statement should be directed to Innisfree M&A Incorporated, the Company’s proxy solicitor, at +1-888-750-5834 (toll free in the United States) or +1-412-232-3651 (outside the United States).

SHAREHOLDERS AND ADS HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED MERGER AND RELATED MATTERS.

The Company and certain of its directors and executive officers may, under SEC rules, be deemed to be "participants" in the solicitation of proxies from the shareholders with respect to the proposed Merger. Information regarding the persons who may be considered "participants" in the solicitation of proxies is set forth in the Schedule 13E-3 transaction statement relating to the proposed Merger and the definitive proxy statement attached thereto. Further information regarding persons who may be deemed participants, including any direct or indirect interests they may have, is also set forth in the definitive proxy statement.

This announcement is for information purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell any securities or a solicitation of any proxy, vote or approval with respect to the proposed transaction or otherwise, nor shall it be a substitute for any proxy statement or other filings that have been or will be made with the SEC.

Safe Harbor Statement

This press release contains statements that express the Company’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (the "Act"). These forward-looking statements can be identified by terminology such as "if," "will," "expected" and similar statements. Forward-looking statements involve inherent risks, uncertainties and assumptions. Risks, uncertainties and assumptions include: uncertainties as to how the Company’s shareholders will vote at the meeting of shareholders; the possibility that competing offers will be made; the possibility that financing may not be available; the possibility that various closing conditions for the transaction may not be satisfied or waived; and other risks and uncertainties discussed in documents filed with the SEC by the Company, as well as the Schedule 13E-3 transaction statement and the proxy statement filed by the Company. These forward-looking statements reflect the Company’s expectations as of the date of this press release. You should not rely upon these forward-looking statements as predictions of future events. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Bitauto Holdings Limited

Bitauto Holdings Limited (NYSE: BITA) is a leading provider of internet content & marketing services, and transaction services for China’s automotive industry. Bitauto’s business consists of three segments: advertising and subscription business, transaction services business and digital marketing solutions business.

Bitauto’s advertising and subscription business provides a variety of advertising services to automakers through the bitauto.com website and corresponding mobile apps which provide consumers with up-to-date automobile pricing and promotional information, specifications, reviews and consumer feedback. Bitauto also provides transaction-focused online advertisements and services for promotional activities to its business partners, including automakers, automobile dealers, auto finance partners and insurance companies. Bitauto offers subscription services via its SaaS platform, which provides web-based and mobile-based integrated digital marketing solutions to new car automobile dealers in China. The SaaS platform enables automobile dealer subscribers to create their own online showrooms, list pricing and promotional information, provide automobile dealer contact information, place advertisements and manage customer relationships to help them reach a broad set of purchase-minded customers and effectively market their automobiles to consumers online.

Bitauto’s transaction services business is primarily conducted by its controlled subsidiary, Yixin Group Limited (SEHK: 2858), a leading online automobile finance transaction platform in China, which provides transaction platform services as well as self-operated financing services.

Bitauto’s digital marketing solutions business provides automakers with one-stop digital marketing solutions, including website creation and maintenance, online public relations, online marketing campaigns, advertising agent services, big data applications and digital image creation.

For more information, please visit ir.bitauto.com.

For investor and media inquiries, please contact:

Suki Li
Bitauto Holdings Limited
Phone: +86-10-6849-2145
ir@bitauto.com

Philip Lisio
Foote Group
Phone: +86-10-8429-9544
bitauto@thefootegroup.com

Related Links :

http://ir.bitauto.com

PR Newswire

NetEase Announces ADS Ratio Change

September 18, 2020 TechENT Syndication Leave a comment

HANGZHOU, China, Sept. 18, 2020 — NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, “NetEase” or the “Company”), one of China’s leading internet and online game services providers, today announced that it will change the ratio of its American depositary shares (“ADSs”), representing ordinary shares, from the current one (1) ADS for every twenty-five (25) ordinary shares to one (1) ADS for every five (5) ordinary shares.

From the perspective of an ADS holder, the ADS ratio change has the same effect as a five-for-one ADS split, and NetEase ADS holders at the close of business, New York time, on September 30, 2020 will be entitled to receive four additional ADSs for every ADS held, effective October 1, 2020 at the close of business. There will be no change to NetEase’s ordinary shares, and no action by ADS holders is required to effect the ratio change. In addition, existing ADSs will continue to be valid and will not have to be exchanged for new ADSs.

The effect of the ratio change on the ADS trading price on the NASDAQ Global Select Market is expected to take place on October 2, 2020.

The register held by the Bank of New York Mellon, the depositary, will close for issuances and cancellations of ADSs on the close of business, New York time, on September 29, 2020 and is expected to reopen on October 6, 2020.

About NetEase, Inc.

As a leading internet technology company based in China, NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, “NetEase”) is dedicated to providing premium online services centered around innovative and diverse content, community, communication and commerce. NetEase develops and operates some of China’s most popular mobile and PC games. In more recent years, NetEase has expanded into international markets including Japan and North America. In addition to its self-developed game content, NetEase partners with other leading game developers, such as Blizzard Entertainment and Mojang AB (a Microsoft subsidiary), to operate globally renowned games in China. NetEase’s other innovative service offerings include the intelligent learning services of its majority-controlled subsidiary, Youdao (NYSE: DAO); music streaming through its leading NetEase Cloud Music business; and its private label e-commerce platform, Yanxuan. For more information, please visit: http://ir.netease.com/.

Forward Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbour” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “aim,” “anticipates,” “future,” “intends,” “plans,” “believes,” “may,” “estimates,” “potential,” “continue,” “ongoing,” “goal,” “targets,” “guidance,” “commits” and similar statements. Among other things, statements that are not historical facts, including statements about future growth, the Company’s current and future position in the markets in which it operates, business plans and projections, the completion of transactions and the strategic goals of transactions, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. All information contained in this announcement is as of the date of this announcement and are based on assumptions believed to be reasonable as of this date. You should not rely upon these forward-looking statements as predictions of future events. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Enquiries:
Margaret Shi
NetEase, Inc.
ir@service.netease.com
Tel: (+86) 571-8985-3378
Twitter: https://twitter.com/NetEase_Global

Brandi Piacente
The Piacente Group
netease@thepiacentegroup.com

Media Enquiries:
Li Ruohan
NetEase, Inc.
globalpr@service.netease.com
Tel: (+86) 571-8985-2668
Twitter: https://twitter.com/NetEase_Global

Alby Wan
Hill+Knowlton Strategies Asia
Alby.Wan@hkstrategies.com

Related Links :

http://ir.netease.com

PR Newswire

58.com Announces Completion of Merger

September 18, 2020 TechENT Syndication Leave a comment

BEIJING, Sept. 18, 2020 — 58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China’s largest online market place for classifieds, today announced the completion of the merger (the "Merger") with Quantum Bloom Company Ltd ("Merger Sub"), a wholly-owned subsidiary of Quantum Bloom Group Ltd ("Parent"), pursuant to the previously announced agreement and plan of merger, dated as of June 15, 2020 (the "Merger Agreement"), among the Company, Parent and Merger Sub. As a result of the Merger, the Company became a wholly-owned subsidiary of Parent and will cease to be a publicly traded company.

In accordance with the terms of the Merger Agreement, which was approved by the Company’s shareholders at an extraordinary general meeting held on September 7, 2020, each Class A ordinary share, par value US$0.00001 per share, of the Company (each a "Class A Share") and each Class B ordinary share, par value US$0.00001 per share, of the Company (each a "Class B Share," and together with each Class A Share, collectively the "Shares") issued, outstanding and not represented by American depositary shares of the Company (each, an "ADS," representing two Class A Shares) immediately prior to the effective time of the Merger (the "Effective Time"), other than the Excluded Shares and the Dissenting Shares (each as defined in the Merger Agreement), has been cancelled and ceased to exist, in exchange for the right to receive US$28.00 in cash without interest, and each outstanding ADS, other than ADSs representing Excluded Shares, together with each Share represented by such ADSs, have been cancelled in exchange for the right to receive US$56.00 in cash without interest (the "Merger Consideration").

Registered shareholders immediately prior to the Effective Time who are entitled to the Merger Consideration will receive a letter of transmittal and instructions on how to surrender their Shares in exchange for the Merger Consideration and should wait to receive the letter of transmittal before surrendering their Shares. Payment of the Merger Consideration (less an ADS cancellation fee of US$0.05 per ADS), without interest and net of any applicable withholding taxes, will be made to holders of ADSs as soon as practicable after Citibank, N.A., the ADS depositary, receives the aggregate Merger Consideration payable to holders of ADSs from the paying agent.

The Company also announced today that it requested that trading of its ADSs on the New York Stock Exchange (the "NYSE") be suspended as of September 18, 2020. The Company requested that the NYSE file a Form 25 with the Securities and Exchange Commission (the "SEC") notifying the SEC of the delisting of its ADSs on the NYSE and the deregistration of the Company’s registered securities. The deregistration will become effective 90 days after the filing of the Form 25 or such shorter period as may be determined by the SEC. The Company intends to suspend its reporting obligations under the Securities Exchange Act of 1934, as amended, by promptly filing a Form 15 with the SEC. The Company’s obligation to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will cease once the deregistration becomes effective.

In connection with the Merger, Houlihan Lokey (China) Limited is serving as financial advisor to the special committee of the board of directors of the Company (the "Special Committee"); Fenwick & West LLP is serving as U.S. legal counsel to the Special Committee; Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to the Company; Han Kun Law Offices is serving as PRC legal counsel to the Company; and Conyers Dill & Pearman is serving as Cayman Islands legal counsel to the Company.

Wilson Sonsini Goodrich & Rosati, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Kirkland & Ellis LLP and Weil, Gotshal & Manges LLP are serving as international co-counsels to the investor consortium (the "Consortium"). Fangda Partners is serving as PRC legal counsel to the Consortium. Maples and Calder (Hong Kong) LLP is serving as Cayman Islands legal counsel to the Consortium.

About 58.com Inc.

58.com Inc. (NYSE: WUBA) operates China’s largest online market place for classifieds, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company’s online marketplace enables local business users and consumer users to connect, share information and conduct business. 58.com’s broad, in-depth and high quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com’s strong brand recognition, large and growing user base, merchant network and massive database of local information create a powerful network effect. For more information on 58.com, please visit http://www.58.com.

Safe Harbor Statement

For more information, please contact:

58.com Inc.
ir@58.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: Eyuan@christensenir.com

In the U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Related Links :

http://www.58.com

PR Newswire

Yiwugo CEO Wang Jianjun Invited to Share Experience at CIFTIS

September 10, 2020 TechENT Syndication Leave a comment

YIWU, China, Sept. 10, 2020 — On the afternoon of September 7, 2020, Wang Jianjun, CEO of Yiwugo, was invited to deliver a speech entitled "Promoting the Development of New E-Commerce Business Modes for Specialized Small Commodity Market with the Engine of Innovation" at the China E-Commerce Convention during the China International Fair for Trade in Services (CIFTIS), where he shared the practices, experience as well as development concept of Yiwugo in promoting the digital transformation of brick-and-mortar specialized market of small commodities by innovation.

As introduced by Mr. Wang, Yiwugo is an online platform for Yiwu Market, the world’s largest brick-and-mortar wholesale market of small commodities. Due to the impact of the global COVID-19 pandemic, e-commerce has become a must for vendors in the brick-and-mortar market. Based on its experience in digitalized trade platform over the years, Yiwugo has been continuously innovating e-commerce business modes, leading to significant reduction of the traffic acquisition cost for its vendors and achieving major development in itself as well.

Wang Jianjun, CEO of Yiwugo, at CIFTIS

In his speech, Mr. Wang elaborated on the following points:

Simplifying the platform process and facilitating operations by vendors

Yiwugo has a deep insight into the business modes of the wholesale market of small commodities. Yiwu boasts the best supply chain for small commodities, the requirements for e-commerce functions differ from wholesale business and retail business, and some senior practitioners engaging in the wholesale business are of relatively old age. In view of this, Yiwugo is committed to simplifying the platform process wherever possible so as to facilitate user operations, thereby gaining popularity among the vendors in the market.

Reducing the E-Commerce traffic acquisition cost for specialized market vendors

Given the rich variety and slim profit margin of small commodities as well as the surging traffic cost of e-commerce platforms in recent years, small commodity vendors facing enormous pressure from the traffic cost. To provide low-cost traffic for them, Yiwugo is committed to attracting effective traffic by, for example, promoting itself through channels such as Facebook and Google, researching intelligent matching algorithms, and improving the accuracy of promotion, thereby effectively attracting visits by small commodity buyers. To date, the number of registered buyers on Yiwugo.com has reached 6 million; the daily average visits 800,000; and the daily average PV 15 million. Such effective traffic has been distributed to more than 50,000 quality suppliers of small commodities on the platform, securing a much lower traffic acquisition cost than those of similar e-commerce platforms.

Promoting the clustering effect of small commodity industrial belts and building a global digital platform for small commodities

Through eight years’ development, Yiwugo has provided a digital channel featuring synchronized online and offline development. In 2020, Yiwugo has developed its strategy into building a world-leading digital platform for small commodities. To this end, Yiwugo plans to integrate the domestic industrial belts of small commodities and expand the market scale for the suppliers and buyers of small commodities. In the future, overseas buyers may not only purchase the products of Yiwu market on Yiwugo, but also possibly procure the products from other small commodity industrial belts in China.

PR Newswire

58.com Announces Shareholders’ Approval of Merger Agreement

September 7, 2020 TechENT Syndication Leave a comment

BEIJING, Sept. 7, 2020 — 58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China’s largest online market place for classifieds, today announced that at an extraordinary general meeting of shareholders held today, the Company’s shareholders voted in favor of, among other things, the proposal to authorize and approve the execution, delivery and performance of the previously announced agreement and plan of merger, dated as of June 15, 2020 (the "Merger Agreement"), among the Company, Quantum Bloom Group Ltd, an exempted company with limited liability incorporated under the laws of the Cayman Islands ("Parent"), and Quantum Bloom Company Ltd, an exempted company with limited liability incorporated under the laws of the Cayman Islands and a wholly-owned subsidiary of Parent ("Merger Sub"), and the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands (the "Plan of Merger"), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly owned subsidiary of the Parent (the "Merger"), and to authorize and approve the consummation of any and all transactions contemplated by the Merger Agreement and the Plan of Merger, including the Merger.

Approximately 61% of the Company’s total outstanding Class A ordinary shares and Class B ordinary shares, par value US$0.00001 per share (each, a "Class A Share" and "Class B Share," respectively), including Class A Shares represented by the Company’s American depositary shares (the "ADSs"), attended the extraordinary general meeting by proxy. Each shareholder has one vote for each Class A Share or 10 votes for each Class B Share. These shares represented approximately 65% of the total outstanding votes represented by the Company’s total ordinary shares outstanding at the close of business in the Cayman Islands on the record date of August 14, 2020. The Merger Agreement, the Plan of Merger and the transactions contemplated thereby, including the Merger, were approved by over 75% of the total votes cast at the extraordinary general meeting.

Completion of the Merger is subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. The Company will work with the other parties to the Merger Agreement towards satisfying all other conditions precedent to the Merger set forth in the Merger Agreement and complete the Merger as quickly as possible. If and when completed, the Merger would result in the Company becoming a private company and its ADS would no longer be listed or traded on any stock exchange, including the New York Stock Exchange, and the Company’s ADS program would be terminated.

About 58.com Inc.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Any statements that are not historical facts, including statements about 58.com’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the possibility that financing may not be available; the possibility that various closing conditions for the transaction may not be satisfied or waived; and other risks and uncertainties discussed in documents filed with the SEC by the Company, as well as the Schedule 13E-3 transaction statement and the proxy statement filed by the Company. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is current as of the date of the press release, and 58.com does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

58.com Inc.
ir@58.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: Eyuan@christensenir.com

In the U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Related Links :

http://www.58.com

PR Newswire

500.com Limited Announces Unaudited Financial Results For the Second Quarter ended June 30, 2020

August 29, 2020 TechENT Syndication Leave a comment

SHENZHEN, China, Aug. 29, 2020 — 500.com Limited (NYSE: WBAI) ("500.com," "the Company," "we," "us," "our company," or "our"), an online sports lottery service provider in China, today reported its unaudited financial results for the second quarter ended June 30, 2020.

Suspension of Online Sports Lottery Sales in China

All provincial sports lottery administration centers to which the Company provided sports lottery sales services have suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales (the "Self-Inspection Notice"), which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People’s Republic of China on January 15, 2015. In response to the Self-Inspection Notice, on April 4, 2015, the Company decided to voluntarily suspend all online lottery sales services. As a result of the provincial sport lottery administration centers’ decision to suspend accepting online lottery orders and the Company’s voluntary suspension of all online sports lottery sales services in China, the Company has not generated any revenue from these services since April 2015.

Temporary Suspension of Operations in Sweden

The Multi Group ("TMG"), a Malta-based subsidiary of the Company, has temporarily suspended its operations in Sweden as TMG did not complete the renewal of its e-Gaming license before it expired. The Company promptly issued a Current Report on Form 6-K dated January 13, 2020 regarding this situation, and provided an update through another Current Report on Form 6-K dated February 20, 2020. TMG has submitted all the application materials and is in close communication with Sweden’s e-Gaming regulatory authority to complete the renewal process. The Company’s revenues for the second quarter ended June 30, 2020 have been, and for the fiscal year of 2020 are expected to be, materially and adversely impacted by the temporary suspension of TMG’s operations in Sweden. Revenue generated by TMG accounted for approximately 89.7% of the Company’s total net revenues for the fiscal year ended December 31, 2019, of which approximately 61.3% was generated from Sweden.

Internal Investigation Still in Progress

On December 31, 2019, the Company announced that its Board of Directors (the "Board") had formed a Special Investigation Committee (the "SIC") to internally investigate alleged illegal money transfers and the role played by consultants following the arrest of one consultant (also a former director of the Company’s subsidiary in Japan) and two former consultants by the Tokyo District Public Prosecutors Office. On January 16, 2020, the Company announced that the SIC had retained King & Wood Mallesons LLP ("KWM") as its legal advisor to assist with its internal investigation.

As of today, we understand generally from the SIC that KWM has completed certain investigatory work and the internal investigation is still in progress. The Company currently is unable to determine with certainty what effect (if any) the result of the internal investigation may have on the Company’s financial statements for the fiscal year ended December 31, 2019. In addition, the Company currently cannot conclude the assessment of the effectiveness of its internal control over financial reporting as of December 31, 2019 until the internal investigation is completed.

Annual Report on Form 20-F for the Fiscal Year ended December 31, 2019

The Company previously filed a Form 12b-25 with the SEC on June 15, 2020 for late filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2019 (the "2019 Annual Report"), pursuant to which the 2019 Annual Report was due to be filed by June 30, 2020. The Company expects to file the 2019 Annual Report (i) upon completion of the previously announced internal investigation being conducted by the SIC of the Company’s Board, with the assistance of KWM, (ii) once the Company’s financial statements for the fiscal year ended December 31, 2019 are finalized, (iii) the Company has completed the assessment of the effectiveness of its internal control over financial reporting as of December 31, 2019, and (iv) Friedman LLP, the Company’s independent registered public accounting firm, has completed its audit of financial statements and internal control over financial reporting as of December 31, 2019.

The Company also reports that on July 1, 2020, the Company received an expected notice from New York Stock Exchange ("NYSE") Regulation stating that the Company is not in compliance with the NYSE’s continued listing requirements under the timely filing criteria pursuant to Section 802.01E of the NYSE Listed Company Manual as a result of the Company’s failure to timely file the 2019 Annual Report with the SEC. As required by the notice, (a) a representative of the Company contacted the NYSE on July 1, 2020 to discuss the status of the 2019 Annual Report, and (b) the Company is issuing this press release, disclosing the status of the 2019 Annual Report, noting the delay and the reason for the delay, as mentioned above. The anticipated filing date of the 2019 Annual Report is not known at this time.

NYSE Regulation notified the Company that the NYSE will closely monitor the status of the Company’s late filing and related public disclosures for up to a six-month period from the due date of the 2019 Annual Report. If the Company fails to file its annual report and any subsequent delayed filings within six months from the filing due date, the NYSE may, in its sole discretion, allow the Company’s securities to trade for up to an additional six months depending on specific circumstances, as outlined in Section 802.01E of the NYSE Listed Company Manual.

The Company intends to meet the filing deadline of six months period from the filing due date of the 2019 Annual Report, or December 31, 2020.

Purchase of the Remaining 7% Equity Interest of TMG

In connection with our acquisition of a 93% equity interest in TMG in 2017, on April 10, 2020, we entered into a definitive agreement with Helmet Limited, or Helmet, which owned the remaining 7% equity interest (post-acquisition) in TMG, to purchase the remaining 7% equity interest for a consideration of EUR1.9 million. We fully paid this consideration on April 20, 2020, and received the remaining 7% equity interest in TMG on the same date. Since April 2020, we have consolidated into our financial statements the financial and operating results of TMG as a wholly-owned subsidiary.

Second Quarter 2020 Highlights

Net revenues were RMB3.6 million (US$0.5 million), compared with net revenues of RMB3.1 million for the first quarter of 2020, and net revenues of RMB9.7 million for the second quarter of 2019.
Operating loss was RMB52.3 million (US$7.4 million), compared with operating loss of RMB36.8 million for the first quarter of 2020, and operating loss of RMB138.3 million for the second quarter of 2019.
Non-GAAP^[1] operating loss was RMB33.7 million (US$4.8 million), compared with non-GAAP operating loss of RMB31.7 million for the first quarter of 2020, and non-GAAP operating loss of RMB60.9 million for the second quarter of 2019.
Net loss attributable to 500.com was RMB86.3 million (US$12.2 million), compared with net loss attributable to 500.com of RMB36.8 million for the first quarter of 2020, and net loss attributable to 500.com of RMB137.8 million for the second quarter of 2019.
Non-GAAP net loss attributable to 500.com was RMB34.0 million (US$4.8 million), compared with non-GAAP net loss attributable to 500.com of RMB35.3 million for the first quarter of 2020, and non-GAAP net loss attributable to 500.com of RMB60.4 million for the second quarter of 2019.
Basic and diluted losses per ADS were RMB2.01 (US$0.28).
Non-GAAP basic and diluted losses per ADS were RMB0.79 (US$0.11).

^[1] Non-GAAP financial measures exclude the impact of share-based compensation expenses, impairment of acquired intangible assets, impairment of goodwill, impairment of long-term investments and deferred tax benefit relating to valuation allowance. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this release.

Second Quarter 2020 Financial Results

Net Revenues

Net revenues were RMB3.6 million (US$0.5 million) for the second quarter of 2020, representing a decrease of RMB6.1 million or 62.9% from RMB9.7 million for the second quarter of 2019 and a slight increase of RMB0.5 million or 16.1% from RMB3.1 million for the first quarter of 2020. Net revenues during the second quarter of 2020 primarily consisted of RMB3.0 million (EUR0.4 million) in revenue contribution from the Company’s online lottery betting and online casino in Europe through TMG, which accounted for 83.3% of total net revenues. The year-over-year decrease was mainly attributable to a decrease of RMB6.6 million resulting from the temporary suspension of operations in Sweden.

Operating Expenses

Operating expenses were RMB55.1 million (US$7.8 million) for the second quarter of 2020, representing a decrease of RMB37.1 million or 40.2% from RMB92.2 million for the second quarter of 2019, and an increase of RMB11.1 million or 25.2% from RMB44.0 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB10.9 million in expenses for employees as a result of decrease in headcount, a decrease of RMB6.8 million mainly in amortization associated with acquired intangible assets, a decrease in bad debt provision of RMB5.7 million for receivables, a decrease of RMB4.1 million in rental expenses mainly due to the termination of leases for subsidiaries in Hong Kong, Japan and Hangzhou since the local offices were closed, a decrease of RMB2.9 million in travelling expenses, a decrease of RMB2.0 million in consulting expenses, a decrease of RMB1.6 million in share-based compensation expenses associated with share options granted to the Company’s employees, a decrease of RMB2.2 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations, a decrease of RMB1.0 million in lottery insurance costs, and a decrease of RMB0.7 million in account handling expenses. The sequential increase was mainly due to an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB1.9 million in consulting expenses and a decrease of RMB1.5 million in expenses for employees.

Cost of services was RMB4.6 million (US$0.7 million) for the second quarter of 2020, representing a decrease of RMB10.4 million or 69.3% from RMB15.0 million for the second quarter of 2019, and a slight increase of RMB0.6 million or 15.0% from RMB4.0 million for the first quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB6.8 million mainly in amortization associated with acquired intangible assets, a decrease of RMB2.2 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations, a decrease of RMB1.0 million in lottery insurance costs, and a decrease of RMB0.7 million in account handling expenses.

Sales and marketing expenses were RMB5.0 million (US$0.7 million) for the second quarter of 2020, representing a decrease of RMB4.6 million or 47.9% from RMB9.6 million for the second quarter of 2019, and an increase of RMB2.0 million or 66.7% from RMB3.0 million for the first quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB3.3 million in expenses for employees and a decrease of RMB0.5 million in travelling expenses. The sequential increase was mainly due to an increase of RMB1.7 million in share-based compensation expenses associated with share options granted to the Company’s employees.

General and administrative expenses were RMB35.4 million (US$5.0 million) for the second quarter of 2020, representing a decrease of RMB20.3 million or 36.4% from RMB55.7 million for the second quarter of 2019, and an increase of RMB5.5 million or 18.4% from RMB29.9 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB6.4 million in expenses for employees, a decrease in bad debt provision of RMB5.7 million for receivables, a decrease of RMB2.8 million in rental expenses, a decrease of RMB2.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, a decrease of RMB2.4 million in travelling expenses, and a decrease of RMB1.8 million in consulting expenses. The sequential increase was mainly due to an increase of RMB8.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB2.0 million in consulting expenses and a decrease of RMB1.1 million in expenses for employees.

Service development expenses were RMB10.1 million (US$1.4 million) for the second quarter of 2020, representing a decrease of RMB1.7 million or 14.4% from RMB11.8 million for the second quarter of 2019, and an increase of RMB3.0 million or 42.3% from RMB7.1 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB1.3 million in rental expenses and a decrease of RMB1.2 million in expenses for employees, which were partially offset by an increase of RMB0.7 million in share-based compensation expenses associated with share options granted to the Company’s employees. The sequential increase was mainly due to an increase of RMB3.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB0.3 million in expenses for employees.

Impairments of Goodwill and Acquired Intangible assets

The impairments of goodwill and acquired intangible assets were related to the Company’s acquisition of TMG, which were triggered by TMG’s temporary suspension of operations in Sweden.

Impairment of goodwill was RMB57.2 million for the second quarter of 2019. There was no additional impairment of goodwill for the first and second quarters of 2020 as the related goodwill and intangible assets were fully impaired as of December 31, 2019.

Operating Loss

Operating loss was RMB52.3 million (US$7.4 million) for the second quarter of 2020, compared with operating loss of RMB138.3 million for the second quarter of 2019, and operating loss of RMB36.8 million for the first quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB57.2 million provided for goodwill during the second quarter of 2019, and there was no such impairment during the second quarter of 2020, and (ii) a decrease of RMB37.1 million in operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue. The sequential increase was mainly due to an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees.

Non-GAAP operating loss was RMB33.7 million (US$4.8 million) for the second quarter of 2020, compared with non-GAAP operating loss of RMB60.9 million for the second quarter of 2019, and non-GAAP operating loss of RMB31.7 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB37.1 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue.

Net Loss Attributable to 500.com

Net loss attributable to 500.com was RMB86.3 million (US$12.2 million) for the second quarter of 2020, compared with net loss attributable to 500.com of RMB137.8 million for the second quarter of 2019, and net loss attributable to 500.com of RMB36.8 million for the first quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB57.2 million provided for goodwill during the second quarter of 2019, there was no such impairment for the second quarter of 2020, and (ii) a decrease of RMB37.1 million in operating expenses due to cost reduction measures implemented by management, which were partially offset by a decrease of RMB6.1 million in revenue and an impairment provision of RMB33.7 million provided for the equity method investment in Loto Interactive Limited ("Loto Interactive", HK: 08198) during the second quarter of 2020, which was calculated based on the last reported sale price on June 30, 2020. The sequential increase was mainly due to (i) an impairment provision of RMB33.7 million provided for long-term investment in Loto Interactive Limited during the second quarter of 2020, and (ii) an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees.

Non-GAAP net loss attributable to 500.com was RMB34.0 million (US$4.8 million) for the second quarter of 2020, compared with non-GAAP net loss attributable to 500.com of RMB60.4 million for the second quarter of 2019, and non-GAAP net loss attributable to 500.com of RMB35.3 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB37.1 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue.

Cash and Cash Equivalents, Restricted Cash, Time Deposits and Short-term Investments

As of June 30, 2020, the Company had cash and cash equivalents of RMB295.5 million (US$41.8 million), restricted cash^[2] of RMB4.6 million (US$0.7 million), time deposit^[3] of RMB0.2 million and short-term investment^[4] of RMB50.0 million (US$7.1 million), compared with cash and cash equivalents of RMB332.9 million, restricted cash of RMB4.6 million, time deposits of RMB0.2 million and short-term investments of RMB30.0 million as of March 31, 2020.

^[2] Restricted cash represents: (i) government grants received but pending final clearance; and (ii) deposits in merchant banks yet to be withdrawn.

^[3] Time deposit represents deposits in commercial banks with original maturities of greater than three months but less than a year.

^[4] Short-term investment represents investments in structured financial products provided by financial institutions in the PRC with an initial maturity of six months.

Prepayments and Other Current Assets

As of June 30, 2020, the balance of prepayment and other current assets was RMB24.9 million (US$3.5 million), compared with RMB33.4 million as of March 31, 2020. The balance as of June 30, 2020 mainly included: (i) the current portion of deferred expenses of RMB4.1 million (US$0.6 million); (ii) receivables from third party payment providers of RMB1.9 million (US$0.3 million); (iii) deposit receivables of RMB0.5 million (US$0.1 million); (iv) receivables of consideration from disposal of subsidiaries of RMB0.5 million (US$0.1 million); (v) deductible value added input tax of RMB12.2 million (US$1.7 million); and (vi) other receivables of RMB5.7 million (US$0.7 million).

Business Outlook

The Company does not expect to issue any earnings forecast until it receives clear instructions as to the resumption date of online sports lottery sales from the Ministry of Finance.

Currency Convenience Translation

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB7.0651 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2020, and all translations from Renminbi to Euros were made at the exchange rate of RMB7.7812 to EUR1.00, which was the average of the month-end exchange rates as set forth in the statistical release of State Administration of Foreign Exchange at the end of each month in 2020.

About 500.com Limited

500.com Limited (NYSE: WBAI) is an online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

About Non-GAAP Financial Measures

To supplement the Company’s financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses in the Company’s consolidated affiliated entities. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures.

Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of the Company’s continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.

For more information, please contact:

500.com Limited
ir@500wan.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
Email: Eyuan@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

500.com Limited Condensed Consolidated Balance Sheets (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares)

	December 31, 2019	June 30, 2020	June 30, 2020
	RMB	RMB	US$
	Unaudited	Unaudited	Unaudited

ASSETS
Current assets:
Cash and cash equivalents	361,220	295,505	41,826
Restricted cash	4,576	4,640	657
Time deposits	23,849	200	28
Short-term investments	–	50,000	7,077
Amounts due from related parties	10,401	503	71
Prepayments and other current assets	30,280	24,936	3,529
Total current assets	430,326	375,784	53,188

Non-current assets:
Property and equipment, net	64,112	49,384	6,990
Intangible assets, net	4,505	3,299	467
Deposits	5,388	5,282	748
Long-term investments	152,954	109,495	15,498
Right-of-use assets	36,607	24,161	3,420
Other non-current assets	1,887	1,664	236
Total non-current assets	265,453	193,285	27,359

TOTAL ASSETS	695,779	569,069	80,547


LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accrued payroll and welfare payable	6,879	3,093	438
Accrued expenses and other current liabilities	51,398	53,684	7,599
Income tax payable	2,213	545	77
Operating lease liabilities – current	16,672	16,154	2,286
Total current liabilities	77,162	73,476	10,400

Non-current liabilities:
Long-term payables	2,965	751	106
Deferred tax liabilities	59	–	–
Operating lease liabilities – non-current	31,675	21,747	3,078
Total non-current liabilities	34,699	22,498	3,184

TOTAL LIABILITIES	111,861	95,974	13,584

Redeemable noncontrolling interest	14,849	–	–

Shareholders’ Equity:
Class A ordinary shares, par value US$0.00005 per share, 700,000,000 shares authorized as of December 31, 2019 and June 30, 2020; 420,001,792 and 430,014,792 shares issued and outstanding as of December 31, 2019 and June 30, 2020, respectively	145	149	22
Class B ordinary shares, par value US$0.00005 per share; 300,000,000 shares authorized as of December 31, 2019 and June 30, 2020; 10,000,099 and 99 shares issued and outstanding as of December 31, 2019 and June 30, 2020, respectively	6	2	–
Additional paid-in capital	2,547,293	2,571,064	363,910
Treasury shares	(143,780)	(143,780)	(20,351)
Accumulated deficit	(1,960,692)	(2,083,838)	(294,948)
Accumulated other comprehensive income	141,484	143,200	20,269
Total 500.com Limited shareholders’ equity	584,456	486,797	68,902
Noncontrolling interests	(15,387)	(13,702)	(1,939)
Total shareholders’ equity	569,069	473,095	66,963

TOTAL LIABILITIES, NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY	695,779	569,069	80,547

500.com Limited Condensed Consolidated Statements of Comprehensive Loss (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares, per share (or ADS) data)

	Three Months Ended					Six Months Ended
		June 30, 2019	March 31, 2020	June 30, 2020	June 30, 2020	June 30, 2019	June 30, 2020	June 30, 2020
		RMB	RMB	RMB	US$	RMB	RMB	US$
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
Net Revenues		9,705	3,064	3,648	516	21,340	6,712	950

Operating costs and expenses:
Cost of services		(15,032)	(3,984)	(4,616)	(653)	(31,100)	(8,600)	(1,217)
Sales and marketing expenses		(9,567)	(3,042)	(4,998)	(707)	(24,332)	(8,040)	(1,138)
General and administrative expenses		(55,738)	(29,876)	(35,373)	(5,007)	(121,417)	(65,249)	(9,235)
Service development expenses		(11,825)	(7,146)	(10,070)	(1,425)	(25,612)	(17,216)	(2,437)
Total operating expenses		(92,162)	(44,048)	(55,057)	(7,792)	(202,461)	(99,105)	(14,027)
Other operating income		952	4,091	453	64	4,715	4,544	643
Government grant		377	169	172	24	3,022	341	48
Other operating income (expenses)		40	(53)	(1,553)	(220)	(6,720)	(1,606)	(227)
Impairment of goodwill		(57,218)	–	–	–	(57,218)	–	–
Operating loss from continuing operations		(138,306)	(36,777)	(52,337)	(7,408)	(237,322)	(89,114)	(12,613)
Other income (expenses), net		1	(375)	1,116	158	389	741	105
Interest income		3,427	2,391	2,554	361	7,117	4,945	700
Loss from equity method investments		(6,568)	(5,211)	(2,769)	(392)	(6,911)	(7,980)	(1,129)
Impairment of long-term investments		–	–	(33,706)	(4,771)	–	(33,706)	(4,771)
Loss before income tax		(141,446)	(39,972)	(85,142)	(12,052)	(236,727)	(125,114)	(17,708)
Income tax benefit		342	3,593	60	8	440	3,653	517
Net loss from continuing operations		(141,104)	(36,379)	(85,082)	(12,044)	(236,287)	(121,461)	(17,191)
Net loss		(141,104)	(36,379)	(85,082)	(12,044)	(236,287)	(121,461)	(17,191)
Less: Net (loss) income attributable to noncontrolling interest and Redeemable noncontrollling interest from continuing operations		(3,306)	449	1,236	175	(3,554)	1,685	238
Net (loss) income attributable to noncontrolling interests		(3,306)	449	1,236	175	(3,554)	1,685	238
Net loss attributable to 500.com Limited		(137,798)	(36,828)	(86,318)	(12,219)	(232,733)	(123,146)	(17,429)
Other comprehensive income (loss)
Changes in unrealized (loss) gain		–	(2,409)	436	62	–	(1,973)	(279)
Foreign currency translation gain (loss)		7,835	4,104	(415)	(59)	(1,010)	3,689	522
Other comprehensive income (loss), net of tax		7,835	1,695	21	3	(1,010)	1,716	243
Comprehensive loss		(133,269)	(34,684)	(85,061)	(12,041)	(237,297)	(119,745)	(16,948)
Less: Comprehensive (loss) income attributable to noncontrolling interests and Redeemable noncontrolling interest		(3,306)	449	1,236	175	(3,554)	1,685	238
Comprehensive loss attributable to 500.com Limited		(129,963)	(35,133)	(86,297)	(12,216)	(233,743)	(121,430)	(17,186)

Weighted average number of Class A and Class B ordinary shares outstanding:
Basic		428,561,237	430,002,155	430,009,704	430,009,704	427,202,484	430,005,930	430,005,930
Diluted		428,561,237	430,002,155	430,009,704	430,009,704	427,202,484	430,005,930	430,005,930

Losses per share attributable to 500.com Limited-Basic and Diluted
Net loss		(0.32)	(0.09)	(0.20)	(0.03)	(0.54)	(0.29)	(0.04)

*Losses per ADS attributable to 500.com Limited-Basic and Diluted**
Net loss		(3.22)	(0.86)	(2.01)	(0.28)	(5.45)	(2.86)	(0.41)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.


Numerator adjustment for net loss attributable to 500.com Limited

500.com Limited Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares, per share (or ADS) data)

	Three Months Ended				Six Months Ended
	June 30, 2019	March 31, 2020	June 30, 2020	June 30, 2020	June 30, 2019	June 30, 2020	June 30, 2020
	RMB	RMB	RMB	US$	RMB	RMB	US$
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
Operating loss from continuing operations	(138,306)	(36,777)	(52,337)	(7,408)	(237,322)	(89,114)	(12,613)
Adjustment for share-based compensation expenses	20,203	5,103	18,649	2,640	48,919	23,752	3,362
Adjustment for impairment of goodwill	57,218	–	–	–	57,218	–	–
Adjusted operating loss from continuing operations (non-GAAP)	(60,885)	(31,674)	(33,688)	(4,768)	(131,185)	(65,362)	(9,251)

Net loss attributable to 500.com Limited	(137,798)	(36,828)	(86,318)	(12,219)	(232,733)	(123,146)	(17,429)
Adjustment for share-based compensation expenses	20,203	5,103	18,649	2,640	48,919	23,752	3,362
Adjustment for impairment of goodwill	57,218	–	–	–	57,218	–	–
Adjustment for Impairment of long-term investments	–	–	33,706	4,771	–	33,706	4,771
Adjustment for deferred tax benefit relating to valuation allowance	–	(3,599)	(60)	(8)	–	(3,659)	(518)
Adjusted net loss attributable to 500.com Limited (non-GAAP)	(60,377)	(35,324)	(34,023)	(4,816)	(126,596)	(69,347)	(9,814)

Weighted average number of Class A and Class B ordinary shares outstanding:
Basic	428,561,237	430,002,155	430,009,704	430,009,704	427,202,484	430,005,930	430,005,930
Diluted	428,561,237	430,002,155	430,009,704	430,009,704	427,202,484	430,005,930	430,005,930

Losses per share attributable to 500.com Limited (non-GAAP)-Basic and diluted
Net loss (non-GAAP)	(0.14)	(0.08)	(0.08)	(0.01)	(0.30)	(0.16)	(0.02)

*Losses per ADS attributable to 500.com Limited (non-GAAP)-Basic and diluted**
Net loss (non-GAAP)	(1.41)	(0.82)	(0.79)	(0.11)	(2.96)	(1.61)	(0.23)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.


Numerator adjustment for net loss attributable to 500.com Limited

Related Links :

http://ir.500.com/

PR Newswire

Tuniu Announces Unaudited Second Quarter 2020 Financial Results

August 28, 2020 TechENT Syndication Leave a comment

NANJING, China, Aug. 28, 2020 — Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the second quarter ended June 30, 2020.

"After nearly six months of downturn caused by the COVID-19 outbreak, we are encouraged to see that China’s domestic travel market is finally showing signs of recovery. We will continue to uphold our ‘Customer First’ principle in order to provide the best possible products and services to satisfy pent-up customer demand. Furthermore, we have adjusted our product strategy to focus on innovative and premium products in order to meet customers’ more exacting standards in the post COVID-19 era. In cooperation with our industry partners, we are committed to providing our customers with superior travel experiences." Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer, said, "In the second quarter our operating expenses continued to decline on a sequential basis. In the second half of the year, we expect to see the gradual recovery of revenues alongside the increasingly positive impact of our cost control measures."

Second Quarter 2020 Results

Net revenues were RMB34.0 million (US$4.8 million^[1]) in the second quarter of 2020, representing a year-over-year decrease of 93.5% from the corresponding period in 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

Revenues from packaged tours were RMB12.6 million (US$1.8 million) in the second quarter of 2020, representing a year-over-year decrease of 97.1% from the corresponding period in 2019. The decrease was primarily due to the suspension of sale of packaged tours impacted by the outbreak and spread of COVID-19^[2].
Other revenues were RMB21.5 million (US$3.0 million) in the second quarter of 2020, representing a year-over-year decrease of 76.4% from the corresponding period in 2019. The decrease was primarily due to the declines in service fees received from insurance companies and commissions received from other travel-related products impacted by the outbreak and spread of COVID-19.

^[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB7.0651 on June 30, 2020 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm.

^[2] On January 24, 2020, the Ministry of Culture and Tourism of the People’s Republic of China issued a notice requiring travel agencies, including online travel agencies throughout the country to suspend the operation of organized tours and the provision of a combination of flight and hotel bookings.

Cost of revenues was RMB26.3 million (US$3.7 million) in the second quarter of 2020, representing a year-over-year decrease of 90.8% from the corresponding period in 2019. As a percentage of net revenues, cost of revenues was 77.3% in the second quarter of 2020, compared to 55.2% in the corresponding period in 2019.

Gross margin was 22.7% in the second quarter of 2020, compared to a gross margin of 44.8% in the second quarter of 2019. The decrease was primarily due to the decline in net revenues impacted by the outbreak and spread of COVID-19.

Operating expenses were RMB158.1 million (US$22.4 million) in the second quarter of 2020, representing a year-over-year decrease of 63.4% from the corresponding period in 2019. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB19.1 million (US$2.7 million) in the second quarter of 2020. Non-GAAP^[3] operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB138.9 million (US$19.7 million) in the second quarter of 2020, representing a year-over-year decrease of 63.7%.

Research and product development expenses were RMB20.6 million (US$2.9 million) in the second quarter of 2020, representing a year-over-year decrease of 74.3%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB1.6 million (US$0.2 million), were RMB19.0 million (US$2.7 million) in the second quarter of 2020, representing a year-over-year decrease of 74.8% from the corresponding period in 2019. The decrease was primarily due to the decrease in research and product development personnel related expenses.
Sales and marketing expenses were RMB84.3 million (US$11.9 million) in the second quarter of 2020, representing a year-over-year decrease of 62.5%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB15.1 million (US$2.1 million), were RMB69.2 million (US$9.8 million) in the second quarter of 2020, representing a year-over-year decrease of 63.4% from the corresponding period in 2019. The decrease was primarily due to the decrease in promotion expenses and sales and marketing personnel related expenses.
General and administrative expenses were RMB61.0 million (US$8.6 million) in the second quarter of 2020, representing a year-over-year decrease of 54.6%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB2.5 million (US$0.3 million), were RMB58.5 million (US$8.3 million) in the second quarter of 2020, representing a year-over-year decrease of 53.2% from the corresponding period in 2019. The decrease was primarily due to the decrease in general and administrative personnel related expenses.

^[3] The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company’s financial results under GAAP.

Loss from operations was RMB150.3 million (US$21.3 million) in the second quarter of 2020, compared to a loss from operations of RMB199.2 million in the second quarter of 2019. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB131.0 million (US$18.5 million) in the second quarter of 2020.

Net loss was RMB154.6 million (US$21.9 million) in the second quarter of 2020, compared to a net loss of RMB167.2 million in the second quarter of 2019. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB135.3 million (US$19.1 million) in the second quarter of 2020.

Net loss attributable to ordinary shareholders was RMB147.6 million (US$20.9 million) in the second quarter of 2020, compared to a net loss attributable to ordinary shareholders of RMB168.0 million in the second quarter of 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB128.3 million (US$18.2 million) in the second quarter of 2020.

As of June 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.6 billion (US$225.2 million). The COVID-19 pandemic has negatively impacted our business operation and cash flows for the second quarter of 2020, which could continue to impact on subsequent periods. Based on our liquidity assessment and management actions, we believe that our available cash, cash equivalents and maturity of investments will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.

Business Outlook

Tuniu’s business has been significantly and negatively impacted by the outbreak and spread of COVID-19 since January 2020. As a result of the continued influence by COVID-19, for the third quarter of 2020, the Company expects to generate RMB85.3 million to RMB170.5 million of net revenues, which represents 80% to 90% decrease year-over-year, and 151% to 401% increase quarter-over-quarter. This forecast reflects Tuniu’s current and preliminary view on the industry and its operations, which is subject to change.

Conference Call Information

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on August 28, 2020, (8:00 pm, Beijing/Hong Kong Time, on August 28, 2020) to discuss the second quarter 2020 financial results.

To participate in the conference call, please dial the following numbers:

US:	+1-888-346-8982
Hong Kong:	+852-301-84992
Mainland China:	4001-201203
International:	+1-412-902-4272
Conference ID:	Tuniu 2Q 2020 Earnings Call

A telephone replay will be available one hour after the end of the conference through September 3, 2020. The dial-in details are as follows:

US:	+1-877-344-7529
International:	+1-412-317-0088
Replay Access Code:	10147497

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.tuniu.com.

About Tuniu

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu covers over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu’s goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu’s products and services; its relationships with customers and travel suppliers; the Company’s ability to offer competitive travel products and services; Tuniu’s future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company’s structure, business and industry; the impact of the COVID-19 on Tuniu’s business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, other operating income, total operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS-basic and diluted, which excludes share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.

A limitation of using non-GAAP financial measures excluding share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets is that share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets have been – and will continue to be – significant recurring expenses in the Company’s business. You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.

(Financial Tables Follow)

Tuniu Corporation
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except per share information)

	December 31, 2019	June 30, 2020	June 30, 2020
	RMB	RMB	US$

ASSETS
Current assets
Cash and cash equivalents	295,463	527,934	74,724
Restricted cash	327,052	85,904	12,159
Short-term investments	1,305,386	976,996	138,285
Accounts receivable, net	529,983	364,146	51,542
Amounts due from related parties	65,108	50,998	7,218
Prepayments and other current assets	1,300,284	899,562	127,324
Total current assets	3,823,276	2,905,540	411,252

Non-current assets
Long-term investments	1,305,612	557,446	78,901
Property and equipment, net	223,340	197,230	27,916
Intangible assets, net	166,267	112,602	15,938
Land use right, net	98,774	97,744	13,835
Operating lease right-of-use assets, net	105,839	54,945	7,777
Goodwill	232,007	232,007	32,838
Other non-current assets	83,923	60,147	8,514
Long-term amounts due from related parties	557,582	552,328	78,177
Total non-current assets	2,773,344	1,864,449	263,896
Total assets	6,596,620	4,769,989	675,148

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	203,845	50,602	7,162
Accounts and notes payable	1,311,963	998,689	141,355
Amounts due to related parties	29,755	27,913	3,951
Salary and welfare payable	112,511	52,836	7,478
Taxes payable	12,207	2,255	319
Advances from customers	1,113,879	229,856	32,534
Operating lease liabilities, current	57,490	35,451	5,018
Accrued expenses and other current liabilities	907,119	897,505	127,034
Total current liabilities	3,748,769	2,295,107	324,851

Non-current liabilities
Operating lease liabilities, non-current	54,718	37,551	5,315
Deferred tax liabilities	23,658	22,029	3,118
Long-term borrowings	9,689	19,403	2,746
Other non-current liabilities	10,947	10,947	1,550
Total non-current liabilities	99,012	89,930	12,729
Total liabilities	3,847,781	2,385,037	337,580

Mezzanine equity
Redeemable noncontrolling interests	37,200	37,261	5,274

Shareholders’ equity
Ordinary shares	249	249	35
Less: Treasury stock	(310,942)	(308,146)	(43,615)
Additional paid-in capital	9,113,512	9,118,231	1,290,602
Accumulated other comprehensive income	293,784	301,604	42,689
Accumulated deficit*	(6,385,974)	(6,754,555)	(956,045)
Total Tuniu’s shareholders’ equity	2,710,629	2,357,383	333,666
Noncontrolling interests	1,010	(9,692)	(1,372)
Total Shareholders’ equity	2,711,639	2,347,691	332,294
Total liabilities and shareholders’ equity	6,596,620	4,769,989	675,148


On 1 January 2020, the Company adopted ASU No. 2016-13 (ASU 2016-13), "Financial Instruments – Credit Losses"*, and recognized a cumulative-effect adjustment to the opening retained earnings at the adoption date.

Tuniu Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except per share information)

	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended
	June 30, 2019	March 31, 2020	June 30, 2020	June 30, 2020
	RMB	RMB	RMB	US$

Revenues
Packaged tours	429,482	120,240	12,563	1,778
Others	90,848	53,741	21,461	3,038
Net revenues	520,330	173,981	34,024	4,816
Cost of revenues	(287,330)	(81,460)	(26,292)	(3,721)
Gross profit	233,000	92,521	7,732	1,095

Operating expenses
Research and product development	(80,197)	(51,026)	(20,647)	(2,922)
Sales and marketing	(224,582)	(124,698)	(84,255)	(11,926)
General and administrative	(134,389)	(133,860)	(60,952)	(8,627)
Other operating income	6,925	1,574	7,774	1,100
Total operating expenses	(432,243)	(308,010)	(158,080)	(22,375)
Loss from operations	(199,243)	(215,489)	(150,348)	(21,280)
Other income/(expenses)
Interest and investment income, net	36,645	21,852	7,061	999
Interest expense	(6,970)	(10,499)	(9,627)	(1,363)
Foreign exchange gains/(losses), net	1,090	(877)	(4,184)	(592)
Other income/(loss), net	586	(1,718)	1,323	187
Loss before income tax expense	(167,892)	(206,731)	(155,775)	(22,049)
Income tax benefit	738	817	934	132
Equity in income of affiliates	–	744	215	30
Net loss	(167,154)	(205,170)	(154,626)	(21,887)
Net loss attributable to noncontrolling interests	(444)	(3,629)	(7,073)	(1,001)
Net income/(loss) attributable to redeemable noncontrolling interests	245	(81)	142	20
Net loss attributable to Tuniu Corporation	(166,955)	(201,460)	(147,695)	(20,906)
(Accretion on)/Reversal of redeemable noncontrolling interests	(1,033)	(81)	81	11
Net loss attributable to ordinary shareholders	(167,988)	(201,541)	(147,614)	(20,895)

Net loss	(167,154)	(205,170)	(154,626)	(21,887)
Other comprehensive income/(loss):
Foreign currency translation adjustment, net of nil tax	7,110	8,091	(271)	(38)
Comprehensive loss	(160,044)	(197,079)	(154,897)	(21,925)

Loss per share
Net loss per ordinary share attributable to ordinary shareholders – basic and diluted	(0.45)	(0.54)	(0.40)	(0.06)
Net loss per ADS – basic and diluted*	(1.35)	(1.62)	(1.20)	(0.18)
Weighted average number of ordinary shares used in computing basic and diluted loss per share	369,343,738	370,055,731	370,145,186	370,145,186

Share-based compensation expenses included are as follows:
Cost of revenues	1,827	207	189	27
Research and product development	4,112	2,136	832	118
Sales and marketing	1,519	205	147	21
General and administrative	8,723	2,025	1,759	249
Total	16,181	4,573	2,927	415

*Each ADS represents three of the Company’s ordinary shares.

Reconciliations of GAAP and Non-GAAP Results
(All amounts in thousands, except per share information)

	Quarter Ended June 30, 2020
	GAAP	Share-based	Amortization of acquired	Impairment of acquired	Non-GAAP
	Result	Compensation	intangible assets	intangible assets	Result

Cost of revenues	(26,292)	189	–	–	(26,103)

Research and product development	(20,647)	832	782		(19,033)
Sales and marketing	(84,255)	147	14,915	–	(69,193)
General and administrative	(60,952)	1,759	709		(58,484)
Other operating income	7,774	–	–		7,774
Total operating expenses	(158,080)	2,738	16,406	–	(138,936)

Loss from operations	(150,348)	2,927	16,406	–	(131,015)

Net loss	(154,626)	2,927	16,406	–	(135,293)

Net loss attributable to ordinary shareholders	(147,614)	2,927	16,406	–	(128,281)

Net loss per ordinary share attributable to ordinary shareholders – basic and diluted	(0.40)				(0.35)
Net loss per ADS – basic and diluted	(1.20)				(1.05)

Weighted average number of ordinary shares used in computing basic and diluted loss per share	370,145,186				370,145,186


	Quarter Ended March 31, 2020
	GAAP	Share-based	Amortization of acquired	Impairment of acquired	Non-GAAP
	Result	Compensation	intangible assets	intangible assets	Result

Cost of revenues	(81,460)	207	–	–	(81,253)

Research and product development	(51,026)	2,136	933		(47,957)
Sales and marketing	(124,698)	205	22,050	9,554	(92,889)
General and administrative	(133,860)	2,025	709		(131,126)
Other operating income	1,574	–	–		1,574
Total operating expenses	(308,010)	4,366	23,692	9,554	(270,398)

Loss from operations	(215,489)	4,573	23,692	9,554	(177,670)

Net Loss	(205,170)	4,573	23,692	9,554	(167,351)

Net loss attributable to ordinary shareholders	(201,541)	4,573	23,692	9,554	(163,722)

Net loss per ordinary share attributable to ordinary shareholders – basic and diluted	(0.54)				(0.44)
Net loss per ADS – basic and diluted	(1.62)				(1.32)

Weighted average number of ordinary shares used in computing basic and diluted loss per share	370,055,731				370,055,731


	Quarter Ended June 30, 2019
	GAAP	Share-based	Amortization of acquired	Impairment of acquired	Non-GAAP
	Result	Compensation	intangible assets	intangible assets	Result

Cost of revenues	(287,330)	1,827	–	–	(285,503)

Research and product development	(80,197)	4,112	513	–	(75,572)
Sales and marketing	(224,582)	1,519	34,163	–	(188,900)
General and administrative	(134,389)	8,723	704	–	(124,962)
Other operating income	6,925	–	–	–	6,925
Total operating expenses	(432,243)	14,354	35,380	–	(382,509)

Loss from operations	(199,243)	16,181	35,380	–	(147,682)

Net loss	(167,154)	16,181	35,380	–	(115,593)

Net loss attributable to ordinary shareholders	(167,988)	16,181	35,380	–	(116,427)

Net loss per ordinary share attributable to ordinary shareholders – basic and diluted	(0.45)				(0.32)
Net loss per ADS – basic and diluted	(1.35)				(0.96)

Weighted average number of ordinary shares used in computing basic and diluted loss per share	369,343,738				369,343,738


*Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of share-based awards as determined under the treasury stock method.

Related Links :

https://www.tuniu.com/

PR Newswire

China Distance Education Holdings Limited Announces Results of Annual General Meeting of Shareholders

August 28, 2020 TechENT Syndication Leave a comment

BEIJING, Aug. 28, 2020 — China Distance Education Holdings Limited (NYSE: DL) ("CDEL", or the "Company"), a leading provider of online education and value-added services for professionals and corporate clients in China, today announced that it held its 2020 Annual General Meeting of Shareholders ("2020 AGM") on August 28, 2020. Each of the proposals submitted for shareholder approval at the 2020 AGM has been approved. Specifically, the shareholders have passed resolutions approving:

Re-election of Carol Yu and Liankui Hu as class C directors of the Company.
Approval and ratification of (i) re-appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the Company’s independent auditor for the fiscal year ending September 30, 2020; and (ii) authorization to the board of directors and its audit committee to determine the remuneration of Deloitte Touche Tohmatsu Certified Public Accountants LLP.

About China Distance Education Holdings Limited

China Distance Education Holdings Limited is a leading provider of online education and value-added services for professionals and corporate clients in China. The courses offered by the Company through its websites are designed to help professionals seeking to obtain and maintain professional licenses and to enhance their job skills through our professional development courses in China in the areas of accounting, healthcare, engineering & construction, legal and other industries. The Company also offers online test preparation courses for self-taught learners pursuing higher education diplomas or degrees, and practical accounting training courses for college students and working professionals. In addition, the Company provides business services to corporate clients, including but not limited to tax advisory and accounting outsourcing services. For further information, please visit http://ir.cdeledu.com.

Contacts:

In China:

China Distance Education Holdings Limited
Jiao Jiao
Tel: +86-10-8231-9999 ext. 1826
Email: IR@cdeledu.com

The Piacente Group, Inc.
Xi Zhang
Tel: +86-10-6508-0677
E-mail: dl@tpg-ir.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1 212-481-2050
Email: dl@tpg-ir.com

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